Service Hours

Coupons

Showroom Hours

Contact Us

What to Expect When Financing a Vehicle | Vestal NY | Near Binghamton, Elmira & Ithaca

When you buy a car, you likely get excited about all the different models and features available. The process can be an exciting one, for sure, but it isn't without its complications. Financing in particular can be quite confusing at times.

That's why, here at Serafini Nissan, we believe in keeping our customers informed. We know that the best decisions are made with more information, so we've provided a list for you to refer to when it comes time to finance your vehicle. Keep reading to learn more about what you need to ensure the financing process goes as smoothly as possible.

What to do beforehand.

One crucial thing you should do before financing your vehicle is find out the status of your credit score. The better your credit score, the higher chance you have of qualifying for a lower interest rate.

You'll also want to find out what interest rate to aim for. Staying informed on the interest rates that other institutions can provide you will help with the negotiation process. Getting pre-approved can also help you save time during the closing process.

It's also important for you to find out what you can afford. Try to do this with your credit score in mind so that you can stay within your preferred budget.

What you need to bring with you.

There are four primary documents you need to bring with you when purchasing a vehicle.

1. Proof of incomeBe sure to bring copies of your pay stubs from last month as well as what you've been paid to-date the past year.

2. Credit and banking historyThis would include any information about other outstanding loans or financial obligations you may have, as well as how you've fared in the past financially. These could be mortgage or lease agreements, alimony or child support payments, credit card statements or bank statements.

3. Proof of residence

Personalized mail or your mortgage statement are usually enough to provide reasonable proof of residence.

4. Proof of insuranceYour lender will require proof that your insurance company is aware of your newly purchased vehicle and that it's properly insured.

If you aren't financing with the dealership, you will also want to bring along proof of your loan.

Know what determines the loan terms.

A typical auto loan lasts between three to five years. Your lender will run a credit check and ask you income-based questions. Your interest rate will be determined based on how secure the lender perceives your finances to be. If you have a decent credit score, manageable debt, a good standing with your insurer and a solid income, you'll most likely qualify for a lower interest rate. If not, you can calculate what your monthly payments will be with a higher interest rate so you can make sure they're as manageable as possible.

If you’d like to purchase a vehicle or want to know more about financing a vehicle in Vestal, NY, drop by Serafini Nissan at 3101 Vestal Parkway E, Vestal, NY 13850 for a test-drive. We look forward to serving our customers from Binghamton, Elmira and Ithaca!